5 Things Successful Restaurant Owners Know
Do you want to know what one of the biggest mistakes restaurant owners make when it comes to their business? It's running the restaurant instead of leading it. It pains me to see how many restaurant owners are fulfilling the wrong role in the restaurant, which in turn makes them a prisoner to the restaurant. Successful restaurant owners are those who have taken on the role of leader and know they must do five distinct things as the leader.
The first thing is to work on budgets. A budget is a proactive plan for success. You’re not using industry averages here, but the numbers from your business, your sales, your style of product, your location, your minimum wage and the systems you put in place to affect the budget.
Number two is marketing. You always need to be working on top line sales, working on growing your sales. This assumes you have Restaurant 101 down pat, and you’re not turning people away. This is important because the most amazing thing is once you pass that breakeven point, when sales pass that point, whether you’re efficient or not, you start to make money hand over fist because now your profitability is somewhere around 30 percent.
Number three is lead. You need to become the leader your restaurant needs. Be the leader your managers need. Focus on them and inspiring them to get the most out of them. Tell them the direction you're going, why you're going that way, inspire them and lead them. That’s the job you take on to move the company forward.
Number four is to develop your managers. They are the critical piece to you getting freedom from your business, making money, and feeling comfortable that you don't have to be there all the time. You need to train them so they know their job, how to do it, how well it should be done, and, more importantly, by when.
The fifth and final thing that every successful restaurant owner knows is you need to hold your management team accountable. It doesn’t matter what systems or processes you put in place or how much training you’ve provided if you're not ultimately willing to hold them accountable. You say what is going to happen in your business, and you set the standard.
Ultimately, when you become the leader your restaurant needs, it puts you in a position where you can leave your business, have a life, and make the money you deserve.
If you would like to learn how to own a restaurant that doesn't depend on you being in it to be successful, watch this free video course that teaches you three key principles to running a successful restaurant. If you're ready right now to make some serious changes in your restaurant, you can also book a 60-minute call with me where we talk about your challenges and figure out exactly what is holding you back from having a restaurant that doesn’t depend on you being in it to be successful.
Be sure to visit my YouTube channel for more helpful restaurant management video tips.
